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Category: Bankruptcy Law
Satisfied Customers: 17252
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I am considering Chapter 7. In addition to a lot of personal

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I am considering Chapter 7. In addition to a lot of personal debt I also have loans that I have inside of a Sub S corporation of which I am a 50 % owner. I have personally guaranteed the loans. The loans are in the name of the corporation, but I personally guaranteed the loans. How will Chapter 7 effect this debt? Will Chapter 7 work in this situation?
The chapter 7 will wipe out all debts that are on your name, regardless of the actual owner, the corporation will not be dissolved only assets and credit that you have personally guaranteed and liable for are going to be discharged.
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Customer: replied 8 years ago.
Thank you.